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Cannabis plants intended for the medical market grow at an Organigram facility in Moncton on April 14, 2016.

Ron Ward /The Canadian Press

Cannabis company Organigram Holdings Inc. says its net revenues more than doubled to $25.2 million in the first quarter.

The company based in Moncton, N.B., says revenues were up from $12.4 million a year earlier.

Revenues included $16.7 million of sales to the adult-use recreational market and about $9.5 million to medical markets, partly offset by a $1.1 million provision for product returns and price adjustments.

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Organigram’s loss from continuing operations was $863,000 or less than a cent per share, compared with a loss of $29.5 million or 19.5 cents per share in the prior year. That large loss was largely due to non-cash fair value changes to biological assets and inventories.

The cannabis producer was expected to lose $3.9 million or three cents per share on $19.6 million in revenues, according to financial markets data firm Refinitiv.

Organigram said last November that its net revenue in the quarter would be higher than the $16.3 million in the fourth quarter due to increased sales to provinces and higher wholesale revenue.

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